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Home My WebLink About1960 il-4t9~/wES". CONDOMINIUM RIDER ' v da of / C , 19 ~f . attd is iaeor atsd into THIS CONDOMINIUM RIDER is made thts p~ ~i y 6 . P~ and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (berein "security instrument") dated of even date herewith. given by the undersigned (herein "Borrower") to secure Borrowers Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF MIAMI (herein "Lender") and covering the property described in the security instrument and located at 10410 A1A UNi~ 909 The Property comprises a unit in„tf va8t~tttndFitde~ IihArest in the common elements ot. a condominium project known as HUTCHINSON ISLAND CLUB. A CONDOMINIUM Ihereia"CondominiumProject"1. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made is the security instrument. Borrower and Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly pay. when due. all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration. bylaws. code o[ regulations or other constituent document of the Condominium Project. - B. Hasard Inanraoee. So long as the Owners Association maintains a "master" or "blanket" policy on the Condominium Project which provides insurance coverage against Ctre. hazards included within the term "extended rnverage;' and such other hazards as Lender may require, and in such amounts and [or such periods as Lender may require. then: (i1 Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the premium installments for hazard insurance on the Property: (iil Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and iiii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applic- able law to the extent necessary to avoid a conflict between such provisions and the provisions of Uniform Covenant 5. For an}• period of lime during which such hazard insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower shall give Lender prompt notice of any (apse in such hazard insurance rnverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property. whether to the unit or to common elements, any such proceeds payable to Borcower are hereby assigned and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if any, paid to Borrower. C. Leader's Prior Consent. Borcower shall not, except alter notice to Lender and with Lender's prior written consent. partition or subdivide the Property or consent to: iil the abandonment or termination of the Condominium Project, except for abandonment or termination prop°ided by taw in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain: ~iil any material amendment to the declaration, by-laws or code of regulations of the Owners Association. or equivalent constituent document of the Condominium Project, including, but not limited to. .any amendment which would change the per j tentage interests of the unit owners in the Condominium Project; or 1 iii? the effectuation of any decision by the Owners Association to terminate professional management and assume sel~- management of the Condominium Project. D. .Remedies. It Borrower breaches Borrower's covenants and agreements hereunder, indudiag the covenant to pay when due condominium assessments, tben Lender may invoke any remedies provided under the security instrument, including, but not ~ limited to. those provided under Uniform Covenant 7. i ' IN FITNESS NHEREOF, Borcower has executed this Condominium Rider. - t ~ B G~: ~ -Borrower USE TES /d' ~ f -Borrower .:phi wit~f 4 -Borrower ~ • S V ~ - -Borrower .3 wi ~ ~OO ~ ~~Q j'rl ~ f, 11 ! i ~ 2~ -Borrower > y ht9 1 ~ -Borrower a ~F goRx 3U4 ~acE 1~i8 s CONDOMINIGN RIDE R-1 to 4Family-6175--FNMA/FHLMC UNIFOK1Vi INSTRUMENT IRev 1/?6)